Retirement Systems of Alabama boosted its position in shares of Brown & Brown, Inc. (NYSE:BRO) by 87.7% in the fourth quarter, HoldingsChannel reports. The firm owned 562,172 shares of the financial services provider’s stock after acquiring an additional 262,617 shares during the period. Retirement Systems of Alabama’s holdings in Brown & Brown were worth $15,493,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Confluence Investment Management LLC increased its holdings in Brown & Brown by 3.5% during the 4th quarter. Confluence Investment Management LLC now owns 1,123,069 shares of the financial services provider’s stock worth $30,952,000 after purchasing an additional 37,946 shares in the last quarter. Federated Investors Inc. PA increased its holdings in Brown & Brown by 2,232.1% during the 3rd quarter. Federated Investors Inc. PA now owns 2,057,297 shares of the financial services provider’s stock worth $60,835,000 after purchasing an additional 1,969,079 shares in the last quarter. Marshall Wace LLP increased its holdings in Brown & Brown by 381.0% during the 3rd quarter. Marshall Wace LLP now owns 455,201 shares of the financial services provider’s stock worth $13,460,000 after purchasing an additional 360,573 shares in the last quarter. Vanguard Group Inc increased its holdings in Brown & Brown by 2.2% during the 3rd quarter. Vanguard Group Inc now owns 24,202,436 shares of the financial services provider’s stock worth $715,666,000 after purchasing an additional 525,399 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in Brown & Brown by 1.7% during the 3rd quarter. Legal & General Group Plc now owns 1,040,382 shares of the financial services provider’s stock worth $30,764,000 after purchasing an additional 17,889 shares in the last quarter. Hedge funds and other institutional investors own 71.56% of the company’s stock.
In other news, EVP Anthony T. Strianese sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $28.66, for a total value of $57,320.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 17.12% of the stock is owned by company insiders.
Brown & Brown (NYSE:BRO) last announced its quarterly earnings data on Monday, October 22nd. The financial services provider reported $0.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.04. The company had revenue of $530.90 million during the quarter, compared to analysts’ expectations of $508.82 million. Brown & Brown had a return on equity of 12.36% and a net margin of 23.15%. Brown & Brown’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.27 EPS. As a group, sell-side analysts forecast that Brown & Brown, Inc. will post 1.23 EPS for the current fiscal year.
BRO has been the subject of a number of research reports. Citigroup set a $27.00 target price on Brown & Brown and gave the stock a “sell” rating in a report on Wednesday, September 19th. Zacks Investment Research upgraded Brown & Brown from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a report on Tuesday, September 25th. Barclays raised their price objective on Brown & Brown from $23.00 to $26.00 and gave the company an “underweight” rating in a report on Monday, November 12th. ValuEngine upgraded Brown & Brown from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. Finally, Wells Fargo & Co restated a “hold” rating and issued a $28.00 price objective on shares of Brown & Brown in a report on Monday, October 22nd. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $29.00.
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Brown & Brown Company Profile
Brown & Brown, Inc markets and sells insurance products in the United States, England, Canada, Bermuda, and the Cayman Islands. Its Retail segment offers property insurance relating to physical damage to property and resultant interruption of business, or extra expense caused by fire, windstorm, or other perils; casualty insurance relating to legal liabilities, professional liability, cyber-liability, workers' compensation, and commercial and private passenger automobile coverages; fidelity and surety bonds; and life, accident, disability, health, hospitalization, medical, dental, and other ancillary insurance products, as well as risk management, loss control surveys and analysis, consultation, and claims processing services.
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